Dividend Declaration

Chenavari Toro Income Fund Limited (the Company)

29 July 2021

Quarterly Dividend for the Quarter ended 30 June 2021

In line with the enhanced dividend policy announced by the Company on 8 June 2020 (the "Enhanced Dividend Policy"), the Company is pleased to announce payment of its quarterly dividend of 2.5% (Euro 0.0176 per ordinary share) (the "Regular Quarterly Dividend") for the period from 1 April 2021 to 30 June 2021.

Payment will be made on 20 September 2021 to holders of ordinary shares recorded on the register as at close of business on 20 August 2021 with an ex-dividend date of 19 August 2021. The quarterly Dividend Yield remains targeted at 2.5% quarterly.

Shareholders wishing to take the dividend in scrip, or to make a dividend currency election, should note that the last date to make an election to join the Scrip dividend scheme or make a currency election to be eligible for the dividend paying on 20 September 2021 is 17:00 2 September 2021. The Scrip Reference Price will be calculated and announced on or around 26 August 2021.

With effect from 1 January 2021, the maximum cash balance cap will be reduced to a level of not more than 5 per cent. of NAV, unless the investment manager, at its discretion, decides to maintain such cap at a maximum of 10 per cent., should market opportunities in liquid and tradable European ABS / CLO arise.

Further information in relation to the Company is available at:

http://www.chenavaritoroincomefund.com

Enquiries:

Guy Goyard

Chenavari Investment Managers

Email: [email protected]

Telephone: +44 20 7259 3600